President Vladimir Putin has made it clear that Western companies that hastily exited Russia will not be allowed to buy back their former businesses at a low price or reclaim niches that local businesses have since occupied. Putin’s statement comes after hundreds of Western firms left Russia following Moscow’s military intervention in Ukraine in February 2022.
The departing companies took varying approaches, with some selling their assets, others handing over control to existing managers, and a few abandoning their assets altogether. Notably, companies like Renault, McDonald’s, and Henkel negotiated buy-back options, although the terms of these deals remain largely undisclosed.
Putin emphasized that he respects businesses that continued to work with Russia but holds a different view for those that left abruptly. He stressed that companies that sold their assets at a low price under domestic political pressure should not be allowed to repurchase them at the same price.
Putin also cautioned Russian businesses that Western sanctions, totaling 28,595 according to the finance ministry, are not temporary and will likely be replaced with new obstacles even if they are eased. He emphasized that Russia should not rely on Western mechanisms for defending investors’ and entrepreneurs’ rights, as competitors will always seek to weaken and contain Russia.
